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Thursday, January 15, 2015

In This Future of the Legal Profession, The Only Constant Is Change

One thing is certain: evolution in the legal profession is true whether you believe in it or not. Because it is truly happening, write the authors of the 2015 Citibank Hildebrandt Client Advisory (pdf), who note:

Demand for law firm services appears to be growing at a more modest pace than the demand for legal services.

Such a statement would have been unthinkable in a not-too-distant past. Today, it just sets up a valuable discussion on the future of the legal profession, or as it's called in the report: "What It Takes To Be a Successful Firm:"

An Increasing Focus on Margin Growth vs. Just Revenue Growth

Growing Sophistication on How to Price and Manage the Delivery of Legal Services